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Bankruptcy judge OKs FirstEnergy Solutions' contract settlements

TerraForm Power LLC and two railroad companies will receive recovery of damages for contracts rejected through the Chapter 11 reorganization of FirstEnergy Solutions Corp.

U.S. Bankruptcy Judge Alan Koschik on Oct. 16 approved agreements reached by FirstEnergy Solutions, or FES, with TerraForm Power, BNSF Railway Co. and Norfolk Southern Corp. The ruling came on the same day the judge confirmed the eighth amended plan of reorganization filed by FES in the U.S. Bankruptcy Court for the Northern District of Ohio.

Under the contract settlement agreements, TerraForm Power will be allowed a general unsecured claim of $400,000 against FES for the court-approved rejection of the purchase and sale of renewable energy credits.

BNSF and Norfolk Southern will be allowed a joint general unsecured claim of $350 million against FES subsidiary FirstEnergy Generation LLC for the bankruptcy court-approved rejection of coal transportation contracts. FES and FirstEnergy Generation wrote in their filings with the bankruptcy court that BNSF and Norfolk Southern have elected to receive cash for their claims.